VANCOUVER, BC, Feb. 27,
2023 /CNW/ - Klimat X Developments Inc. ("Klimat
X" or the "Company") (TSXV: KLX) is pleased to announce
it has entered into a Marketing Services Agreement (the
"Agreement") with Outside the Box Capital Inc. ("Outside the Box")
pursuant to which Outside the Box will provide the Company with
marketing services (the "Services"). The Agreement has an
initial term of six (6) months, unless terminated earlier in
accordance the Agreement, and which may be extended for an
additional six (6) months by agreement in writing between Outside
the Box and the Company.
The Services provided by Outside the Box will include, but not
be limited to, marketing services to communicate to the financial
community information about the Company and to work alongside the
Company's management team to interact with community members and
engage investors.
As consideration for the provision of the Services, and in
accordance with the terms and provisions of the Agreement, the
Company will (i) pay Outside the Box a six (6) month fee of
C$100,000 plus GST (and an additional
C$100,000 plus GST if the Agreement
is extended for another six (6) months) , (ii) grant Outside the
Box 1,350,000 stock options (the "Options") The
Options are exercisable at $0.10 per
share for a period of two (2) years from the date of grant, and
(iii) reimburse Outside the Box for pre-approved out of pocket
expenses actually and properly incurred by Outside the Box in
connection with the Services. The Options will vest in stages over
a twelve (12) month period with 337,500 Options vesting every three
months following the grant date.
Outside the Box and any of its principal are operating at arm's
length from the Company and neither holds any securities of the
Company nor has any interest, direct or indirect, in the
Company.
The Company's engagement of Outside the Box and the issuance of
the Options are subject to the acceptance of the TSX Venture
Exchange.
About Klimat X
Klimat X carries on the business of developing validated and
verified carbon credits from afforestation and reforestation of
degraded land areas and marine ecosystems, including mangroves, for
sale into international voluntary carbon markets. In contrast to
streaming and royalty companies, Klimat X works upstream as a
direct owner and operator of projects, addressing a key supply
constraint the current market and the rapidly growing demand for
carbon credits in global voluntary and regulated markets. The
Corporation intends to achieve this by investing in the
exploration, restoration and management of terrestrial and marine
systems that can either be protected to enhance the sequestration
of greenhouse gases or restored from a degraded status to fully
productive ecosystems. Klimat X will draw on the experience of a
senior executive team and Board that provide access into key target
jurisdictions through relationships in the mining and natural
resources sectors, combined with decades of experience in carbon
markets. Klimat X plans to deploy capital at risk under various
arrangements (including cooperation, assignment and production
sharing agreements) with large land owners and governments in
various suitable jurisdictions around the world.
Reader Advisory
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. Any statements that are contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate", "will",
"intends" "expects" and similar expressions which are intended to
identify forward-looking information or statements. Klimat X
cautions that all forward-looking statements are inherently
uncertain, and that actual performance may be affected by a number
of material factors, assumptions and expectations, many of which
are beyond the control of Klimat X. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted as a
result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of Klimat X.
The reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release
are made as of the date of this press release, and Klimat X does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by securities law.
SOURCE KLIMAT X Developments Inc.
